ByteDance, the Chinese social media firm, said that it has no plans to sell its TikTok app. The short video platform’s head has denied the media reports that said that the company is planning currently to do so because of the US concerns.
The report was found on Bloomberg that the company is considering for a TikTok stake sale.
According to the internal company note seen by Reuters, Alex Zhu said, “Usually, you might read stories in the media that are false. Today there is an incorrect report stating that ByteDance has planned to sell part or all of TikTok.“
Further, he stated that “We went on the record saying it was not true, but they have decided to publish it anyway. I want to assure you that we did not have any discussions with potential buyers, nor we have any intention to do so.“
A spokeswoman of ByteDance denied commenting on the internal note, but she reiterated that the company has no plans to sell a part or make a full sale of TikTok.
She also added, “These rumors are completely meritless.“
TikTok has been popular among teenagers in the United States. The company assures the United States regulatory officials that the personal data held by the application is securely stored in America, and it will not be discredited by Chinese authorities.
Reuters has reported that the Committee on Foreign Investment in the United States that reviews deals by foreign acquirers for possible national security risks is looking into ByteDance’s $1 billion (approximately Rs. 7,120 crores) purchase of social media app Musical.ly in 2017, which laid the foundations for TikTok’s rapid growth.